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Read more about Fintech
Open banking will benefit anyone who has money and engages in financial transactions. From government officials to banking institutions and FinTechs to SME’s and ordinary individuals, open banking will benefit all. Primary, there are key participants in the open banking ecosystem:
- Banks that build APIs;
- Licensed third party providers (TPPs) that integrate with bank APIs;
- Companies that use TPP services to offer innovative solutions;
- End-users as final beneficiaries of open banking services;
- Regulator, who oversees the ecosystem to be self-sufficient.
- Control.
- a single register of licensed participants;
- a certification authority;
- an open banking API catalogue;
- an electronic channel for resolving issues and disputes raised between market participants
- Security.
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- Uniformity Of Conditions.
- Insurance.
- Monetisability of API.
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